Americans Now Need A Six-Figure Salary To Afford A Median-Priced Home

Homebuyers in the United States must earn six-figure salaries in order to afford a median-priced home, according to an analysis from real estate brokerage Redfin.

As housing prices remain elevated and the monthly mortgage payment on the typical home surges more than 45% since the same time last year to reach $2,682, the annual salary required to afford such a property has increased from $73,668 to $107,281. Average hourly wages have nominally increased 5% over the same period as inflation continues to erode consumer purchasing power.